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TABELA I - DISTRIBUICÃO DAS TAXAS DE CAPTAÇÃO

---OAT~

TAXA /·:ÉDIA

GLOBAL

(1)

TAXA DE

LFT . (2) (3-1) (3) DESVIO PADRÃO (4)

---_._---01.03.89 02.03.89 03.03.89 06.03.89 07.03.89 08.03.89 09.03.89 10.03.89 13.03.89 14.03.89 15.03.89 16.03.89 17.03.89 20.03.89 21.03.<39 22.03.89 27.03.89 28.03.89 29.03.89

~i0. 03.89

3L03.89 03.04.89 04.04.89 05.04.89 06.04.89 07.04.89 10.04.89 11.04.89 12.04.89 13.04.89 14.04.89 18.04.89 19.04.89 20.04.89 21.04.89 2/1.04.89 ;25.04.89 27.04.89 MEDIA

346.048919 346.130418 0.081500 0.613355 334.045315 333.9321;86 -0.1i2829

338.557708 338.653477 0.095770 343.393860 343.456918 O.063G58

342.179110 342.201741 0.022631 343.030472 342.981192 -0.049279

342.622552 342.67A702 0.052150

342.466715 342.664554 0.177839 339.219551 3~2.222980 3.0~3429

340.809968 340.924602 0.114635 339.651003 339.h9439i 0.0~3388

332.795821 332.801905 0.036084 ·330.823800 330.836744 0.012945

323.128683 323.176046 0.047364

0.558170

1. i i267~~

0.515<;33 0.282774 0.298964 0.230881 0.41'i63i 0.4i4370 O.6U6ó0 0.446927 1.244262 0.953685 0.6ó58t1f3

306.593576 308.626i79 0.032583 0.668868 303.635275 303.737648 0.102373 1.428697 302.392667 302.456046 0.063378 0.705613

296.230866

292.A349i4

~~EJ5. 28tl155

279.296473 277 .514380

;~7 0. '597997 267.755474 258.854 S'75 249.640970 242.942081 236.8i1t073 2~26.837174

2 i ~j. 979554

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186.210676 i7ü.f..l72G09 171..11)2719 i7'J.~j8t2i6 i.68.724069 1ó8.793783 296.246648

2~'2. 469921

2(35~288733 279~463299 277.573957 270.616760 267.797553 259.092190 2<19 • 61j56~~3

243.046979 235.2,12209 226.901394 2i6.10331(~ 200.877032 186.1959't~: i69.4i23/}(, 171.0452<i6 171.24,.J72í i7\J.681j703 168.79j.28B 168.85j.857 0p.0i5782 (j.0350(,7 0.13')/;578

0. L}6826 0.039577

0. 0.d37 63

0.0'·12079 0.2~~n~.1j 0.044654 0.10-1898 -i.57i8tJ4 0.0(;.q219 0.123794 0.0"\/338

-O. 0í

Ji7::P.

0.028:514 0.172433 O. iO,h)("2 O. i():J'í87 0.005721.8 0.0::iGO?4 0.196172 O.7?2597 (}.i39082 0.213285 0.362029 ü.262897 0.3';2389 0r.7207HI

0. 4608~~7

0.249827

0.286346

o

.18·~50(J

O.,~6ní7

0.4073·i2 (:.7231.2:3

Ü. ·160553

(1. '!8J544

0. 522B~)3

o.

~j8353~:;

0.0'14234

0.097076 0.505529

---1:

on te: B;lnco, Cent: ri11 do Bras i 1, lJEWü, IDIDIP .

Obs: as v.:l.r~ávc~s c;ao mcJ ida~; elll ~;; ao ano.

P.JC1 co.lcular 3 % ao dia b:lsta divi.(;ir os

va10-rcs por 365.

.~ ,

.! . . 1.

"

:~Y~i

- . ':.w~i

·1 , '.' " . :. "~O .~ '-l-, .. , .'

- ' o ":.»::'.~~

;': .tl 1 ._ ..,

~,.;4-~v-,~.~ P"'-""'.:""'r; •. ..)-o~_.~. ;.r ... ~~n '. I~'?-.I" ":''',.

"

"l-~_ .... _,

TABELA 11 - LFTs COM 182 ·DIAS DE PRAZO

~

Período (1.82)

1987 - FE.v.02 a 06

09 a 1.3 16 ~. 20

2::> a 27

~jar.09 a 13

16 a 20

Abr.06 a 10

13 a 17

20 a 24

27 a 30 .

11 a 15 18 a 22

25 C'l. 29

Jun.01 a 05

Q8 a 12

22 a 26

29/06-03/07

JI.l1.06 a 10

13 a 17

20 a 24

27 é\ 31

Ago.0:~ a 07

10 a 14

17 a 21

24 t.l 28

3i108-04/ü9

S~t.14 a 18

21 a 25

28/09-02/10

Ol.lt .05 a 09

13 a 16

19 a 23

26 a 30

Nov.03 a 06

09 a 13

16 a 20

23 i1 27

30/11-04/12

1988 - Jan.04 a 08

11 a 1.5

18 a 22

25 a 2!7

Fev.01 a 05

.. ,-'-...

08 " 1:.~

08 a 12

22 a 26

DES?,GIO

(deI t<:\)

(1) O.00U21 () .001557. 0.001805 0.001958 0.001817 0.001427 0.00i:3~~8 0.001266 0.001480 0.001619 0.001746 0.001653 0.0(}j.724 0.001857 0.001846 0.00i~;j88 0.001697 0.001460 0.001316 0.001236 O.00U72 0.000950 0.00155.6 0.001413 0.00i.t135 0.001380 0.001039 0.00E~94 0.00\:i937 0.00(~858 0.00<;B53 0.000Ç·B8 0.000937 O.(}0093Ú 0.00(i/96 0.CCOt,51

0. ü;)07A~;

O.ÍJi)':l896 O.üO')l%

O. c)O'J66~!

0.C00Ó61

(}.0:,)0693

(2)

53.236271

53.361522

54 a 77,~1795

56~432478

56.461390

55.5474-21 54.020669

53.844891

54~A41578 ( .,

55 .·~0'.o79 i

~)6. 31 0761

5'1.377455 63.562()31 66.111779 69.738146 73.803318 78.9805:3J. 79.456070 79.i2B225 78.728218 78.020:501 77.235431 76.298905 75.125317 73.739127 72.444543 71..706484 70.213208 6B.761589 66.808324 64.610095

65 .445~,00

61.735702 6'0.672177

59.844537

58.83·4992 ·57.889291

57 .. ~~520;,!9

56.723J.85 52.81.8237

52.036287

51.A87~~66

55 .• 'í11269

D.P.

(3) 0.010105 0.010117 0.010250 0.010404 0.010407 0.010323 O.01018() 0.010163 0.010219 0.01.029i 0.0j.0393 0.010672 0.011042 0.0ii26i <;.011566 0.011898 0.01.2309 0.012346 0.012320 -0.012289 0.012234 0~012i72 0.012098

'o

.<H2C'05

0.011893 0.011788 0.011728 0.011605 0.011485 0.01.13:~i 0.011133 0.01-1.204 0.0100B2 0.010788 0.010714

0. <H C:S~?4

0.010538 0.0104D0 0.010431

0.01(;,066

0.009991

0. OG99~38

0.009931 X (A=6) (4) -16.M4560 -16.628786 -16.402142 -16.1<;"'3884 -16 •. 204413

-16 .• 323558

-16.514237

-16.531.·')9 i

-16.431j~528

-16. 3'l072 i

-16.i931;09 -i5.78i625

-'15.244860 -14.95li347

-14.571804

-14.i63891

-13 .. 6708·~7

-13.638732

-13.647713

-u.

6706~!9

-i3.7~25(?5(;

-13. 790;~~75

-13.856~!3i -14.01i~~26 -14.133663 -14.2782:36 -14.329769 -14.451957 -14.625873 -14. 806~;3~~

-i5.049269

-14.952518 -15.40761G -15.537:175

,- i 5. 6ifA ~:;r:)6

-i5.761,t1i9

-15.8792i~6

-15.97,~374

-16. 065i5~5

-16.6295:15 -i6.7'W6112

-16. 8~1~::·j7:3

O.0C~J42 51.631031 0.009952 -16.833171

0.000994 51.502297 0.C}~940 -16.867534 0.001103 51.527912 0.Q09942 -16.876~J8

0.001151 52.1~4?5B 0.010001 -16.701110

0.001055 52.607945 0.010046 -16.69/471

(Cont.)

',I' " Af"

, ...~ . . ,.

" .~~

•• < <

".~ ',;

.. _{_} ." _..

r

(Cont. )

l'Iar.07 C\ 11 0.000885 _{52.0ó6849 0.009994 -16.767013.}

14 a

iR

0.00üb77 51.169417 O.0099!J7 -16.892423

21 C\ '"lo:" c..J 0.00ü7i9 _{50.%6662 0.009800 -17.081704}

Abr.01! a 08 0.000719 48. 6800~;,1 0.009663 -17.323274

i i êl 15 0.00~}76i 48.518115 0.00%47 -17.85t,575

19a 22 0.000741 48.805078 0.009b7é. -17.303350

25 a 29 0.000724 49. 26~:i25 0.009721 _-17.22U74

Ma i .02 a 06 0.0r'J0669 49.-120315 0.009737 -17.1865?2

09a 12 0.12'00627 ·49.340645 0.1309729 -i7.i97tj6~i

16 a 20 0<0130540 49.238,)00 00009719 -17.206312

23 t~ ;27 0.000525 48.771528 0.009672 -i7. 28696f

30/05-03/06 0.000'150 48.1~j21.24 O.0096ii -17.3900"15

Jl.ln.06 2, :1.0 0.000572 47.207687 0.009516 -17.575930

13 a 17 0. 00~)~i44 46.2i5592 0.009416 -17.760606

JIj 1 .04 a 08 0.000426 '13 • 9 903 ~ <1 0.009186 -18~i91.400

11 a i5 0.000tJ60 43.0779·14 _{0.0ü9090 -18.386787}

i8 a 22 0.000517 42.471465 0. 0090~~6 -18.523905

25 a 29 0.000567 42.89741B 0. CO<1071 -18.437241

Ago.01 a 05 0.000612 43.648643 ·0.00<1150 -18.2828i1

08 a 12 0.000416 43.281583 ~.0091i2 -18.338714

15 a 19 0.000400 42.397432 . 0.009018 -18.527177 22 a 26 0.000384 41.183494 0.008C88 --i8.7964"0

Ol.1t.03.a 07 0.0001J02 37.721047 0.0Nl50b -19~6422i8

10 a 14 0.000403 37.984193 0.008.536 -19.574172

17 a 21 0.000466 38.762293 0.0086~]3 -19.384077

Nov.07 a i i 0. ~}O0550 41.3.56433 0.0089,ô8 ':'18.7734i4

14 a 18 @.000548 41. 910999 0: (10B966 -18.650894

Dez.05 a 09 0.001404 43J09297 0.009157 -;.8.356636

12 ,1 1ó 0.001485 44.304137 0.009219 -i8.24U24

19 a 24 0.000947 45.31_{:.8096 0.00?327 -17 .9n874}

26 ? 30 0.001008 47.078163 0.009503 -17.645962

1989

-

Jan.02 a 06 0.000933 49.262564 0.009721 -17.24259'1

FAro

a ''"' A .f\ r. "'nr\ t

~1.,399229 0. 00~iS'30 -í6.875665

v, ';'\J 'ti. 'V~VutJO

23 a 27 0.000344 54.2252{,i 0.0iíH99 -16.376877

30/01'-03/02 0.000681 54. 830~)86 0.010256 -16.3i9218

---_._---._---.---

....

_---_._---Fonte: Dados primários: "Banco de Dados Nacionais e Internacio-nais", mirneo, CEHEI/IBRE/fGV.

~_v.-<,:~ .:~:.::

• ' •• l"i

'i;

.'

~:.

,

'''1

, I

4(

. ' i

. "."",:

'," .. te _.,

"

,. ,.

-=--'-'\~'---- _ I.: fj~ _ _ ~. I •

:1

,

. ~~ ~j

1 • ./ ... - ... -... ·--.···: ... ~:.;r.~· ... '·1· ... ,;.- -", - ;... .. 'r •• ... ~~ ... :fI.) ... ' f ""'1: • • • • ,,---~":::.".~ ... :;~

TABELA

III

.. LFTs C01't 273 DIAS

DE

PRAZO

--_._---DESAGIO

SO~jA X

Per iodo (273) (drdta) 1/(:"2

_O.P.

_(A=6)

(1) _{(2) (3) (4)}

---$.987

-

Abr.06 a 1~ 0.003762 63. 982i~i9 0.01.1079 -15.385113 13a 17 0.003439 64.191}032 '0.011097 -15.330627 20 a 24 0" 00:~359 64.625022 0.011i34 -15.272262

27 Õl 30 0.003127 65.45-1709 0.011.205 -15. i~)4390

~ía i .04 C\ 08 0.004255 66.8<)85'10 0.011.328 -15.089599

1i a 15 0.0(}4495 70.52:2:-2f_{j1 0.0i163i -14.717,107}

W a 22 0.00<1292 75. ~2.59333 0.0i2(H5 -14.229774

25 a ~~9 0.004620

77

.97~,6i7 0.012230 -14.606227

,Jun.0i tI 05 0.005192 82·"G~/?585 0.0i2543 - 13. 7{)33.L~3

08 a 12 0.005832 86. /11<,)237 00012879 -13.394922 22 ti 26 0.004693 91.568i78 0.0132~j3 _-i2.9307%

29/06-03/07 0.004897 92.057055 0.0i328<';1 -12.911587

Ju 1.06 a 10 0.004506 91.363188 0.013238 -12.93H22

13 a 17. 0.003933 90.462618 0.0i3173 -i2.95UJ52

20 a 24 0.00351)3 89.íi0018 0.013074 -13.0199~~6

'17.~ ':>( (~ r.r>o')') L I. 07 Dllt/./r L') _~.0~2~}78

-,'j

r.. o 11 no (

f.:.. i .c, v ... v . V V V , - \ . l w ~,

• o.J.v 'J",

'-'""-.f. _ _ _ \ J 1

...

-Ago.03 a 07 0.002649 86.367279 0.(\12871 -13.155574

10 a 14 0.004306 84.6'16696 0.012746 -13.414733 17 a ~21 0.00:3765 83.006746 (}. 01261.9 -13.507734

.24 a 28 0.004240 81 • ~j2!3827 '0.012506 -13.667587

31/08-04/09 0.003588 80.361321 0.(H2416 -13.713972

Sd .08 a 11 0.Q02B23 79.5721jB7 0. ()i 2,355 -D.7if_I898

14 a 18 0.002906 78.1.22282 ~.012242 -13.853374

--.21 i\ 25 0.003~~43 76.292:'d.2 0.012097 -i4.M6406

28/09-02/10 0.002694 73.918979 0.011900 -14. ~~23994

0ut.05 a 'V't 0.00~502 7i.708322 0.0ii728 -í4.425252

13 i\ 16 0.002444 70.059499 0.011593 -14.588963 19 a ') ....

" • ..:! 0.0(12723 68.280069 0.011445 -14. 80~2228

26 a 30 0.002592 66.969524 0.011334 -14. 93J\8~j~

l·lov.03 a 06 0.002611 . 65.8385,'\1 0.011238 -15.061\294

09 a 13 0.002219 64.622860 0.011134 -15.170088

16 a 20 0.001843 63.65i2~~7 0.011050 -15. 2~;i378

23 a 27 0.00202ó 62.8ó3~2).8 0.0íÜ'iB1 ~15.36~}331

30/11-'04/12 0.002323 62. 35~):i:57 0.010937 -15 • 1\ 5 ~~ 922 Dez.07 a 11 0.002514 61 .1j6~'i[;"'16 O.01C'859 -15.58i909

$.4 a 1.8 0.00;'~266 60.5/13351 0.010717 -15.677193

21 a 24 0.(~02i89 59. 47n~jB 0.0i0ó82 -i5. 8:J9;;·~2

28 _\1 3i 0.002i7? 58.4 C 4!59·'1 0.010585 -15.953419

1988

-

J~1n ~ M c:\ r;) 8 _{0.001943 57 • 4090~~8 0.0i0494 -16.060716}

11 a 1.5 0.00i74i 56.43:5590 0.01C405 -16.1ün64

18 a 22 0.00U12 '55.7A6C125 0.01034i - 1 6. 2l;;li;'~4

25 a 29 0.00J.7~O 55. 57 ·1~1:'jí 0.0i0325 -1.6.312297

Fev.t>l a (2·5 0. üO:~OB4 ~i5. 70:33:'jfl 0.010337 -16.32ó.j70

08 a i _{r_} '1 _{0. (·0~~ ·105 55} fi i; ü::;603 0.010317 -16.397J60

08 C\ 12 0.002ó63 55./i03·H8 0.üiO~1i5 -16.4 l.80{,2 ' ) ' )

c:.'- u 26 0.0)2/iO 55.8~;;541 0.010348 -16.36'1034

~~9/02-(14/03 ç,. 00~:576 561f;~Ol{:;i~ (}.0j.0=~83 -16.30Dnj

111\1"".07 í:I 11 <1. o o;·!:) 96 53. 'i7[!tr:;7 G.üiO:H8 -i6.357CJ23

(COl1,t. )

li

.. '

.. f~~

.}~

'"i

, .,

_,

l

"i _,

r'r~'-'"~"""~r"""'·-..,f"'-"~-"""t,;·.t., ... ~_,j"'·'" ... ;t.... ...~ "t~; ~ ... -~ :-~.''\'t;f.~' ... " -,-_.~ .. '!.) ... - .... " " " " " , , - -•. , , -__ ,,~.,- ~ '~"""-l)_ ••. ~e".,_ .... '"'-: ... _.__._ - -_, ... ~u~, • .0_ ~ ... _. _ ... }:::.

r.;.

(Cont. ) . ,

14 a 18 0.001687 54. 531_{08'i7 0.010228}

-16.462264

21 a '1t:"

c...J 0.001781 53.238692 0.010106 _-16.670191

Abr.04 a 08 0.001532 51.437730 0.0139933 -16.934,121 '~":e

11 a 15 0.001.927 51.265176 0.009917 -17.002744

19 a 22 0.001901. 51.406532 _{0.009930 -16.976719}

'1r .

29 0.001804 51.792290 0.009967 -16.903597

c....J a

Ma i .02 a 06 0~ 001691 5~.983525 0.009986 -16.861144

09 a 12 0.001615 51, .813338 0.009970 -16.881211

16 a 20 0.001439 51. 587971 0.009948 -16.900392

23 a 27 0.001411 51.130171 0.009904 -16.972985 . ~

30/05-03/06 0.001108 50.397j.54 0.009832 -17.065154

.'

1.,

Jun.06 a 10 0.001474 49.379189 0.009733 -17.277820

13 a 17 0.001420 48.319132 0.009627 -17.460689

20 a 24 0.001096 47.340208 0.009529 -17.606297

JlJl.04 a 08 0.001066 45.?5i179 0.009389 -17.867234

11 a 15 0.001224 45.02'2622 0.009293 -18.067569

18 a 22 0.001351 44.465.039 0.009236 -18.1941 '13

25 a 29 0.001467 45.0í6616 0.009293 -18.094901

Ago.01

_{(\ "5}

0.001535 45.852419 0.009379 -17.936465

08 a 12 0.001065 45.584203 0.009351 -17.938866

15 a 19 . 0.001013 44.783063 0.009269 -18.093073 a

22 a 26 0.000996 43.583088 0.009143 -18.338535

~o /AQ_O," /~o _0.00096~ A') ,)Ll\Q':!1I

e.0~9001 -i9 .. 6!9258

.... , • W...., V _ f " " t . . . _ .... "" • . 1 - I

Set.12 a 16 0.000906 41.073561 0.000876 -18.880383

19 a 23 e.0007:12 40.803332 0.008847 -18.923112

26 a 30 0.000933 40.607162 . ~.e08826 -18.991553

Out.03 a 07 0. e0(198t. 40.933062 0.008861 -18.921779

10

a

14 0.001002 41.373612 0.~H:)8909 -18.822503

17 a 21 0.001155 ~2. 5.65624 (;.009~36 -18.574030 .

Nov.07 a 11 0.001458 46.188152 0.009413 -17.862970

14 a 18 0.001477 47.037434 0.009499 -17.702982

Dez.05 a 09 0.003669 49.951022 0.009789 -17.402888

1~~ a 16 0.0~J::l61 ·50.963689 0.009887 -17.198596

19 a 24 0.0021~8 52.502831 0.010036 -16.824119

26 a 30 0.002431 54.842025 0.010257 -16.488050

1989 - Jan.02 a 06 0.002228 57.710447 0.010522 --16.053717

09 a 13 0.002101 60.519981 0.010775 -15.664934

23 a 27 0.000984 64.040698 0.011.084 -15.127427

30/01-03/02 0.002062 65.016776 0.011 168 -1.5.110021

Fev.20 a 24 0.002264 70.392243 0.011620 -14.538987

27/02'-03/03 0.002422 73. 3ti57/~6 0.011862 -14.2566013

~lar .06 a 10 0.003233 76.073536 0.012080 -14.065784 ;::;~

13 a 17 0.002S1_{50 79.090H90 0.01231'7 -13.771896}

27 a 31 0.003092 84.21298:5 0.012710 -1:3.357663

Abr .10 a i'! 0.004316 88.7'1~üü6 0.013047 -13.105'i55

17 a 21 0.004356 89.8D2042 0.013131 -13.02~;839

24 a 28 0.003945 90.001511 0.0D139 -12. <j.'8!5901

TABELA IV - LFTs COM PRAZOS DIVERSOS

0-?eriodo

1987

-

s~t .14 <\ i8

1988

-

29/08-02/09

28/i1-02/12 28/H-0Ui2

D2Z.12 a 16

1989

-.

8Ç;/01-03/02

30/01-03/02

Fev.13 (l 17

Ablr _{.03 a 07}

(77)

( ~g2)

(180) (271)

(364 ) <187>

(278) (274) (275)

DESÁGIO (dEoHa)

(1)

0.0001.29

0.000998

0.000774

0.002112

0.006999

0.001172

0.003514 0.002821 0.004875

°SOMA °

1/F2

(2)

39.878173

42°.260834

43.100744 49.006324 54.6i8237 55.648540 65.465917

67~967351

87.033302

D.P.

(3)

0.008746

0.<309004

0.009093 0.009696

0.010236 0.010332 0.011206 0.01.1418 0.012921

X

(A=6)

(4)

-19.072399

-18.623493

-18.416498 -17.409187

-16.968'382

-16.21j62~~4

-15.187683

-14.84L;835

-13.277437

---Fonte: idem Tabela lI.

1.(.

0"

..-r

... -_4-____ -~_·" ... _._---_~~~ ... ---~·-..-'----....".·,;·V-4 ... ._ _~~.---- ~ - _ .... -. .• ".~._ .. _ _ ' _ ... > •• _ _ _ _ • ~._ ••• __ .0_.': __ . ' .. __ _

c: a j c: 1.l1 ,-:\ ci c\ -S"> d e d f,'~; ,ft <J i C) 1: D \: ,:\ 1 ci D <:; t í t Ij 1 o ~:; no_ P Ir C\ ;:.~ O cl (;~ '1 cI i ,,\ ~,; (O) i

;=:: 1

~etorno pelo carregamento, ,~) - a V<:\I" i :,{\ve'i

:': . .t ....

6

para cada titulo em cada leilâo. p <·~.Ir a o c ;;J. i c 11 '1 o d e ::-~ .. - ._.ú ... ___ ... ':::.1.1 ...

DP

P I~' s·-:; I;: ti 1.1 C· ::-:\' :.::1. 1 ~·:l. 'v' ~':}. n c :;":}.~] c·:'])) IH ,{ d i :~-\. ';::'m !. .. I:~T·s I.l t i I i :2:<·~.d :::1. p ,,,'1 o IYlClr _{C ::':i.Ô ()}

r',

c.:.

-r i n ::~. ri C (.; i Ir O t O:-:'I'l h:;;.. <; i doi. 9 1.1. ::~. 1. <~. 6 u

,,\0

de dezembro de 1988;

() S P I" <:\ Z ()~:; ci F: '.' (': n c: i mE' li 'c o cI () ~,;

t

í 'c 1.1. '1 Cl:,; • Sup3s-se que es'ce aumento 'cenha

sido causado pelo ClI.!.(·::· ,

püi:JI icos .•

P I" ,:\ ;,:: Cl~; In <:'. I ~c,

CI.I.~:.t<·~. !n('-::I'lO-,; :;;\0 q()"!('::'lr!'lO 'v'(':;'ndcl" t ítl.l.1.o~:. com _{_Plr:;~.:::~:o m<·~.i·:".}

curto de vencimento,

-t i t uI ()~:. um d E·':,::[.,::.J i o IYlCri Cf/" "

i . i~'I t ,~.;< ('.\ c! E' j Ulr _D ~::. d _D

C) V e Ir n i 9 h t ri Ci' I..Í i t i in C) ci i a Cl (;: ,':'I. b I" i '1 c! 1.:: .~ Ci i

'I" E: P (.~. t i d ~;l. (j n d. lI'! C:' I'" (j c; c· 1,/ (.~. :~.~ (.:' ':~. '::. iJ f i c i (.~. n t (-~. P ~·~.I'- ~3. P (2'1'" f ::':l. ~:.~: (.;::r () I,JI:': .J .~

v E' n c: i IH E' n t Ci ci D ~:; t í t IJ. '.:. o';:; '1 e i 1 () <:\ c! Ci '".' n ,7\ ':1 Ij e 1 c iH I:;:' .::, .•

:~!. 11 (~() ir, iJ ::':1, ~:. (.~. (,?: In d ::':'. d () '::. (] ::'~. i:{ C· '-..1 i ':~. t ::':i. d ::::t. I~I i\~ I) :r. j .... j I~~I J ' n ~ 1 ~.=5 ;:? J

d o 13 (J j (;~ t i In ci e tl''\ :::\ \' ,7\ n c ,':'I. (~ (':' in d ,:, ~:;

J:

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r

~:. FI :::\. ir :::1. di;::. t I" i b I.J. i d () I" :;:r. ':;. I

C n rr .!,. (;~ 'e D Ir a ~:> , ;) <0\ n c () S C D m e I" c i "0\ i <:; e _ ci (;:. i n v E' <.Oi l: i me n t (), ci ('~ ~.:),? c rn j ,:.. n (:~ i I" ti '::! P

i (j' :::~':j' 1\

. .~.'

c (:o rrr (j 1.J.lú :o:i. :;:1. FI Ir Co >:: i !ri ::.\. (;: ::~. () ,

E';< i ~:; .:: i Ir i;..:" (: ':::' '= :::r. p I" O b '::t b i· '1· i d ~:~ d C n D P (':':,-I"

r

C) d C) (~~ !ri q 1.1 (::' ::':\ ~:~ t '~:\ ~,< ~:~ ::~ d e c~ (::' :::' ~:::, 9 i u

(.~' Ir :::1. In Ir I:,' 1 ,·,.1~ . i V :;.!.li'! e n t: (-~. P (.:.:. q I.JJ':·1l ::'.l. ':: .•

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. ;-i

i

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-

.

.:',;

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,

. ~

De ae Cil'" cI o com o modelo desenvolvido seç:

ão

an t el~ i cw I

c\C:E' j t <''\In i n c () I" I" e ,~ ym risco maior de perda total.

V=0.I~ i ::Ave 1 >~ (c I

a part Ir d~ dezembro de 1988. ~xamjnando-se as três

C o n ~::' t ::" t <~, ,- :-:' e j ~:;t ü :::'4. C on 'c (:::C '-::" •

N

n::?.o (-:' I r,: o n ::.,?' cp.!. e n .-,

t ~~m~:nt c I <:1.1.1 li'! (:;: n 'c c\ 'c ;:1. IH b é li'! ,:\ Fi I" o b ;:\ b i 1 i d (õ', ci e a d (~' f aI Ê': n c i <:\ I

variJnc.ia do ganho relo carregamento. _{. .>}

i n ci i c <:\ ' cp..l E' , ao contririo do qyC ~:;IJ.P (,~:; " nD mod('2'lo,

ganhem uma taxa de deságio maior~ Portanto, a expres5~o

diz ql.J.(·;· ,':1. p ,~ ob :::I,ÍJ i 1. i d <3.d e ,j o?,: r 0:;'1~ d ", t ot <3,1., do, in t (5:

,r

mo:::d i

<,r

i.o oi- d B.d :'.3.

,.

p U m O I" 'oI t 1:0 I" i ;;1,) o=: a, n f:~C) Isto si9ni'r.ica ql..l.e"a

com ·(Hi), COlr/O s2ndo o excesso da probabil j~~d~ m~dia 'ral &:nc:

i,,,.

(.:; 3.

p~obabil idade ~P

','co,

1 ênc i a aCF:ita 'quando

i

j mp 1 {c i t <~, (] (.:::, m(:II~ ,':I. t

o:w

i d, •

'Tendo

modt?,::lo, desenvolve-se, na pr6xim~ seçao, um modelO altcrnat ivo para ü

c á 1 C 1..1 i o (j ap (" C> b c', b i 'i I (\ <:\ G e i m p i í c i t a ci 12 in () Ir a t ':'1" i <:1 •

IV

1='1" i nc i p,:\ 'I P I" () b '[ E' III ,:\ ciD

modo e 1 () in i c i <:1,1 o .p <~, t 0::0 d o~;. +' i n ::'~.n C (,,: i I" o':'

1.. D I.l ~: r Co P I" Co;) 1 c \l't ;01 '::: D n ~:; 'c <:1 l: ;;'. ci r) .p u i :::\ . (.:~ 'l E~ '.' ,':\

c:

<:\ ~; c li ~:; i b i 1 i ci <:1

c:

e c! <.\ ~i e ~; t i in ;.:0 •. ;: i

,-.' o'·'! '~., :i:~

.. )-:!

. ~,-1

:'.1,

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ri (:;: ~i V i () p ,:.. di"

G

D I i n ri ! c ";1 n ci u . !' 1 ;:;. Cl I" n b 1.1 ~:. \: e ;:~ ri C) :.; I" (;: ~:; IJ 'i t ,'", d C) Si d D til () ci (::.. 'i o • . !

; ~

-vt'.

aceitando_ riscos mais 21~vados de fa1&ncia, ~m troca d~ IJ li) :::\

... ,

I' (2 In I_!. n (,-! r :,,_ ç ::;iJ) e,

:~ ~::. t n i n cl i c i

', cI G~ C o In P DI" t <:1, In C n t D

I' j ~;c CI

comportamento do I n 'c . C-I' 1'fI(-,-(, 1,-:1,1' 10 . . ,

~scolha ~nvo1v~ndo risco,

I li. i c i c\ 1 me n te, qt..'.(;:· ele

ut i 1 i d :::~,d (-,' d :::;, I~ e n d ,~, U (n ) "

en\,.Iol vEndo (j I" i !:;c D ci e \,.I-on ;\!(::IJ. !rI:"I, n n .-, hOI" 9 E-n ~::' tE-I" n < vel" , P DI"

C :::I.!J "

do intel'mediário, a sua ut il idade Esperada será:

-E: U (i< )

on ci (': i:, a esperança matemát ica,

-::~, '1. 'i:: ::~, t ,;:, 1-' i :::1, U ( :~ ) •

~ ,

PI'(-:'m I o t"~ _.;.-J";:' 1""' i ~; c ()

sua ~enda esperada,

<:\1" I" ! ~->c <:lc1 ,'\, e ,':l, I" (':' n d <:\ C (:: I" t ;;\, i~~ i< (j, ,_.

o ) .

E: c: i ct I" () q IJ e s (~' o i n ci i v í C! 11 o

avesso ao risco (ou 0?ja,

-( ~~ ) ;. }

i.J ' ( i{ )

m ~,;\ i" ~J i n ~':\ '1 ci ~:~ !/. (:':. n ci <:t ~::. e ... .i (:\ p D ~:~ i ti\,l ~:\ u

o

valo~ OCR) c a aVC~S20

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(·Z·''''·C (j 1. h ,.~. ('~'n ',,'o 1 ',,";::'n d () .;:. Ir i ~;c O pod.:-::

apl icada ao problema da demanda das LFls.

o

que se vai supor e que o

V cl 1 () I" P Ir e <;:. e n t (~~ , _{e o risco de captaçâo acima da média do mercado.}

T-i

í:

1:::;0

com

'r ~

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c

( Ir I r )

T T'

I=-T

um.'" .PO:::· I (;'~~D

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Ao final do tempo 1,

.

-ci e L F'i ~:; I de <1 c Ir Ij Z a d o~; , O(i+~:J), COIllO

seçâo 11; em termos de valor 0resente. Seja a o.desvio padrâo de ~,

", '1'-j.

ci a d o p D Ir a ... a í: .... _ ••• II.M ... . ~ TambÉ'm l: em···se F.:~I ... () •

c T .. ._. <.. .. -(I,

A hip6tese DaSica qlJe ':,(::1",,1 , .~ i

.-'::: OlflP ct I ç ::Oi":::'

,- U ( O ( ~. -I-

0

» :": L: ( O ( j. .•. cS) )

(.~':;.<:. i !li) ·;:.IJ. P () n (j () 'v' (':'1'" d :~. d (.:: i f'" ::~.

• ,M.'

,':1. :J. p I r ();< I li"! :::1.':;: :::1. O (

I ... )

. .1. 'l } ':,cq I.I.(·~· .. ··::.,:·:·

. EiULIO VARGAS

-f'UNDAÇAO ~ H"NRIQí.JESIMON~

UIBUOTECA MARl .,

"

'.'

·1

o Z ( 2:l. )

T :::(?" .'-. _I"::.

ti interessado a aversâo :;'~.() Irt':;C() ,e(~) ri .'" ::":1.()

Ge

(2 i ) , a) maior o desvia

da taxa de captaçâo, o b) maior o prazo de vencimento do

c

c) IH e n o Ir c\ t c\:< Cl. ci e j 1.1 Ir O ~> i d) maior a aversâo relat iya

na ctU ";&n c: i ,;{

Isto acontece pois nâo foi inclu{da no modelo a limitaçâo··

de ~:·ell P"\.tlr

i IÚ'::'1"l i o

1í':jilido.

t (tlJ.lo·:: .•

v;. ...

•• 0. j.-c.p _ _ supor agora que os

• • o

q 1.1 P () 9 () v e Ir n () C! (:~ I :-~ <:\ I" ,':\

i n d CP '7::I1,j c·n t 'ez' de

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p\ienl: D,

TI,

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a} e c D n s i: c\ n t (':' ('Y f: Ir :3; 111 D n ::;. e 11 (1 ri 8::; ) ,

(23)

(1-p)

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r:"

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r.. .. Co.

.+ ':'L_~L.Q_.

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CID.

+ p

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c..

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p

de morat6ria to~na-se igual a zero.

A.::: .;; t <:Í. 'c i C <:lo C () m P ::'.1' :3. t i v <3.

e

-;-:\0(1-0)

(2J)

Para tanto, ut il izou-se a

Inserindo esta funç~o

onde v iJ m<:í

a) creSCE o desvio padF~o da taxa CR c: <OI I) l: c\ ç ;:\ D

"i

C) Ô (';'0:: I' 0:::'::,(: 0::.' :':l. t :"'.>::'~. d ,::;. j I.LI' o·:~; (p o i::. '=":=.. t :J. ,j i li'! i n l.l. i a ' ) i

noi::t':.' CP.l.'::?

e) decresce a alavancagem.

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b i'-<:1, ~::. i 'i -.::. i i" C)

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p Ir <:\ ::::. O d D t í t 1.1. '1 D I

d ('Vi i d::,~. I) !,-::'~.:,:'::() n

P \'" () b <OI b i 1 i d <:'. d i::: ,

i ri d (-~.p ';::'n d en .:~ :.:;·men t (=: do d i ~3. ::".l.rI t

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p .... ~l ( i .. -q )

T

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(:..: q I J ~:~ (~: ~:t f) n c\o r, p ele! e q 1.1. C

-- q Fi .:::..::! . e · .... ::;·::.i- . i ::'~,j- • . • • , : .~. .... .~ .·-.0·0 ... '-. ..~ . - . 1;. .•..•• I .... I·' ,"'

111'.': 1-o:. ,._, -.::~_ ... . ... ,_, I I ;.:; ,_o - ' • .1 ,._, .... ,._ I: I'" .. _. n !.~ .... ',-' ... -.1. '._ ._. ,'-, •. ,~. , • ,-I ,-, J

> Fi ~:;E:' 1 > T'.

T· \

P \' i me i I' Co 11.1.!] :::1.!" I

I..lt i 1 i z.c\dD<:; C <:1 1 c: IJ 1 Cc 1.1. .-<.;. e Cl ',1 cl 1 Cl

,r

,.,

::71. \, e I" J~:. <:\ D

,,- i ~;c () :::1. cql.l.:::l.Ç<:'.D N

incllJ.i

:", r', '-,

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~ ... "'-' ~-~

...

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-

_LFTs

CO/i 182 DU,S DE pr~AZO

---DESÁGIO AVERS:~O P <TETA= P <TETA P (TETA

Período (182) _{D. P} r, (dcltc\) TDTAL 0.5) ₌₁₎

=3)

(1) _{(2) (3 ) (4 ) (5)}

(6) .. ~,!

---~---1987

-

Fcv. 02 a 06 0.010U~5 0.001721 _{33.706708 0.001071 0.000756 0.000147}

09 ZI 13 0. 0i0), 17 0. ~)0 i :.5/ 30.423864 0.000967 0.0'.1068i 0.000i31

16 a 20 _{0.010250 0.00H47 27.5}t_{t7548 0.000B97 0.000631}

0.000i2i

~3 é\ 27 _{0.0i0':04 0.00if.:\~5 33.35942~}

0.00ii23 0.000793 0.000154

MCl,r. 09 a 13 _{0.0i0407 0.001958 36.162837 0.001220 0.000862 0.0005,68}

16 a 20 _{0.010323 0.0018i7 34. H8i 18 0.001131 0.000799 0.000i55}

Abr. 06 a 10 _{6.010180 0.001427 27.5105.24 0.000885 0.0,:,ü622 0.000119}

13 a 17 0.010163 0.0013~!8 _{25.n4B96 0.0'30823 0.000578 .,' 0.000ii0}

20 a 24 _{0.010219 '0.001266 24.245.144 ,0::,000783 0.00e'549 0.000i04}

27 .... _3.0

0.010291 0.001480 27.9.<18005 0.000918 0.00%46 0. 0~lOi2:1

c,

Ma i • 04 a 08 _{0.010393 0.001619 29.973680 e.00i005 0.000708 0.000i36}

11 a 15 10.010672 0.001746 30.6622::::1 _{0.001085 0.000765 0.00<3148} 18 a ..,r)

0.0,11042 0.00U:c:,::, _{27.115'122 0.001025 (L 00072i (). 000 i:38}

e. e.

25 a 29 _{e.0ii261 0.001724 27.198541 0.001069 (}.0'30752 0.000144}

Jun. 01 a 05 0.1011566 _{0.001857 27.765802 10.001152 0.000810 0.000155}

08 a 12 _{0.0H898 0.001846 26.082992 0.00ii44 (1.000804 0.000153} '1

22 a 26 _{0.012309 0.001588 20.968058 (). '300979 0.000685 0.000i~27}

29/06-03/07 0.0i2346 (~. 0016'1/ 22.2/7792 0.00i048 0. 0<~073Lj 0.lHJ0138

J'J 1. 06 a 10 _{0.012320 0.00i160 19.245843 0.000898 0.000627 0.0001i5}

13 a 17 _{0.012289 ·0.001316 17. 437~',58 0.000808 0.000562 0.000102}

20 a 24 _{0.012234 0.001.236 16.526175 1.1" 000757 /11.0<)0526 0 .. 0130095}

27 é\ 31 0.012i72 0.001172 15.830i64 0.000717 13. _{(l ç) 0': 97 0.000089}

Ago. 03 a 07 0.012098 0.0013950 12.979035 0.0'00577 _{0.000397 0.000%8}

10 a 14 0.0i20(~5 0~001516 21.0113753 0. (3009.3~:; 0.000654 0.0<:;"0122

17 a 21 _{0.0H893 0.001413 19.985381 0,.000870 0.000608 0.000H2}

24 a 28 _{0. eil.788 0.00i635 23.540516 0.0(H011 0.000709 0.000134}

31/08-04/09 _{0.011728 0.001380 20.0717\10 0.000850 0. 00(~594 0.v)00l.iO}

S€:t. 14 a i8 _{0.011605 0.00i039 15.433032 0.000635 ' 0.0004'~íj (;.00\;078}

21 a ..,1:' c...! _{0.0U.485 0.001294 19.619302 0.000796 0. 0005~j6 o} n 000 .i.(;3

28/09-02/10 _{0.0i1321 0.000937 i4.617794 0.000571 . <3.000395 0.000070}

Dut. 05 Cl, 09 _{0.01i133 0. eJ00858 13.8-40679 0. 000~~22 0.000360 0.0()ü063}

13 a 16 _{0.0ii204 0.000853 13.584068 . 0.000519 0.000357 v). ü0e'062}

19 êI 23 0.0i0882 0.000988 _{16.689073 0.00060:.5 0.000420 0.000Ç,76}

26 a 30 0.05,0788 _{0.0'J0S'37 16.110830 0.00(571) 0.0}L₎₀₃₉₈ 0.000071

Nov. 03 a 06 0.0i0714 0.000'138 i6.344(/03 0. (l{1057 4 ().Ü00398 0.000072

09 ct i3 0.0iC<624 (~. 00'3796 14.U.40()~ 0.000485 0.000335 0. 0000~:..c?

16 é\ 20 0.01.0538 0.0006Si _{i i. 72l.i77 '0.000393 0.000269 <). Ü0ÜO·1~;}

23 f.\ 27 0.0i(~"~80 _{0.0007~5 D.~·()?i23 0. <:1 (,0': ~:.3 0.00ü3L:! (j.00ü0S}i₁

30/i1-04/12 0.0í:0431 0.00(.?:396 Ul.fl7l.854 0. 00~J549 0.0003:3i 0.00'2069

1988

-

Jan. _0'~ êI 08 0.010(;66 _{0.0007ü6 13.9J70~,2 0. ~)ü()43(~ 0.000296 0.0130052}

11 C\ 15 0.009'7'11 0. 0Í7(~Ó62 13.26:3943 0.00(1'102 0. e,O(j217 _0.000CH8

18 a 'l~,

'- c .. 0. O~j<i'938 0. 00(,M) i 1.3.38321'9 0. (iCli)I102 0.000277 0.000()/,8

..,c:

c...J a 29 0.009931 0.0C!Íj,S93 i 4. O::) 'i'::)()7 _{0.000~22 0.00027i 0. OOO(~:5.t}

Fev. Oi a 0:' ~). 0Ü?9~)2 0. 0')~)842 17.00i:::6-1 0.ü005i6 0.0003:,8 0.00001-,:)

08 a 12 0.00<?940 0.00(;9')4 2~? .1.{~~3705 0.ü006i,2 0.0004:=27 0. 000(.~ /?

08 t; , i 2 _{~? • i) O ? 9 i~ 2 0.00ii()3 22 . ~~~'~0972 0.0<)::>68i <.1. 0<)(3~7i' 0. 00(lO~i'i}

..,r)

c_c.. é\ 26 0. (; 1. íj0()i _{0.00U.~ji ~! 3 • ():) (, 7 9 'i (\.00071.1 0.000/;98 0.0000'74}

29/02-0~/03 0.0i001\6 0.0(HO~5 20. S"Ü609l 0.0(;06:'0 0. 00~>I1:1'1 0. 00(j0::J~:.

(Cont.)

(Cont. )

Mar. 07 a 11 0.009994 0.0\)(1885 17.72i827 0.000543 0.000378 0.000069

14 a 18 0.009907 0.000677 13.795949 0.0004i2 0.000284 0.000050

21 a 25 0.009800 0.0(I07i9 j.4. 969349· 0.000439 0.000303 0.000W:.'1

Abr. 04 a ()8 0.00(/663 0.00071.9 15.395738 0.00(;439 0.000304 0.000054

11 a 15 0.009t>17 0.oç)(~76i i6.3(;2477 0.000'166 0. 0ü03~~3 0. 00c)0~J8

i9 a '1""1 _{0. 00967t.J 0.00074i} 5.5.827244 0.000'153 0.0(1031'1 0.000056

e:."-25 a 29 0. 00972~L 0. 0007 ~~4 15.326522 0.0004'12 0.000306 0. 0000~;4

Ma i • 02 a 06 0.009737 0. (~00669 i4. i2338':3 0. O(~0408 0.0ü028í 0.0000'19

09 a i2 0.0Ü9729 0. Ç)00627 i3. ~~46030 0.00038 j. 0.000262 0.00~)0'15

i6 (.l. 20 0.~3097i9 0.N\(?540 i i. 428656 0.000326 0. 0ü<~~~23 0.000037

23 é\ ~~7 0.00%72 0.000:125 H.2i9836 0.000317 o '(~002 j. 6 0.00ü036

30/05-03/ü6 0.(1)096íi 0. 0~}0450 9.744580 0. 000;~70 0.0'20i83 0.000029

Jlln. 06 a i0 0.009:15.6 0.ü0i)572 12. 63~';~)84 0.0003'~7 ~). 000:rl38 (,). 000(1!.i 1

i3.a 17 ').009416 (}.0005 /!4 i2.275(\64 0"000330 0.000226 0.00(1')38

JIJ 1 • 04 é\ 08 0.009186 0.000426 10.09i600 0. (LI 00~~~;5 <).0,)0i73 0. 0000~i8

i i a 15 0. CQ)90<70 0. (.?00460 1í.f29875 0. eJi)0277 0.000iB9 0.0(j003j.

18 a '1

r,

c. e:. 0. ()O9'326 0.000517 12. 6873~.2 0.00ü3i3 0.00i32i5 0.0ÜOO37

'1

<.-c...J a 29 0.009071 0.000567 13.7812i2 0.000345 0.000238 0.00004i

A90. 01 a 05 0.009iS~) 0.0006i·2 14.619')38 0.000373 0.000258 0.0'3001\5

08 a i2 0.009H2 ü.0004H 10.032474 0. 0(~02S(j 0.000170 'O. 0000~~7

i I: _{.J a i9 0.009018 0.00Ü!\OÜ 9.849712 0.0002L1'?'} 0.0'~0i63 0.000026

22 Cl. 26 0. (ll,8!J88 0. (1(1iO:i8 4 9.7327ii 0.000230 0.000i56 0.000025

DlJt • 03 a 07

o

.ü08:.':,06 0.000<102 i i. i 06606 0.0002'12 0.000165 0.000027

10 a i't 0.0('l3536 0.000403 11 ; 055,~)40 (1.0002'13. 0.00iôi66 0. 00e(\~27

17 a 21 0. OÜ86~~3 0.000466 i2.5'!i832 0.000283 0.e,í)0i94 0. 00~}()33

Nov.

07 a U. 0.008908 0.000550 1.3.862085 0.00(1335 0.00023i 0. (,00()40

_"

14 i:\ 18 0.0(1Ü'166 0. ~)O(151.18 1:3. ó.::j~~88 \j.0(J0.3S·j 0.00Çi230

,. ,.,.-.1\/,\ ... "

'U. '(}\'JV\'}'" v

Dez.

05 Ci. 09 0.0(j<?i57 0.00i404 33.496893 0.000073 0.0\;0616 0,000i2~?

12 a 16 0.,~ü92j.9 <}'~)0i485 3/;.942570 0.000924 0. {j0C)6S3 Ü. 0~j\H27

19 a 24 0.009327 0.0(109~7 21. 7734(j7 0. 00()~j84 0. (1(10409 0.000<~76

26 a 30 0.0095ü3 0.00i008 22.324503 0..000622 0.000436 0.000082

1989

-

Jan. 02 a 06 0.00<;'721. 0.0(10933 19.74%04 0.000574 0.00040t 0.(}0007'1

09 ti i.3 0.00'193'3 0.000BE:6 .1.7.9742i1 0.00054~ 0.00037'7' ').0(J(\ô69

23 a 27 0.0iül.99 0.000341 6.61.3t37 0.0(\e·20í 0.000132 0.0000l.8

30/01-03/02 0. (H0256 0.000681. 12.960ü55 0.000414 0.00028'1 0. 000~)~ 9

---~---TABELA VI - LFls COM 273 DIAS DE PRAZO

---Período (273) _D.P.

(1)

DE-Sf-íGIO

(delta)

(2)

AVERS~d

P(fETA=

TOTAL. 0.5)

(3) (4)

PUETA

P<TETA

=1) ::3)

(5) (6)

---_._---1987 - Abr. 06 a 10

13 i.'I 17

20 a 24

27 a 30 11a i. 04 a 08 11 a 15 18 a 22

2S C\ 29

JlJn. 01 a 05

08 a 12 22 a 26

29/06-03/07

J1J1.06a10 13 a 17

20 a 24

27 é\ 31

Ago. ·03 a 01 10 a 14

j ] a 21

2~ a 28

31/08-04/0'i Set. (,8 ti i i

14 6. 18

21 a 25

28/09-02/10

Dut. 05 a 09

13 a 16 1.9 a 23

~~6 a 30

Nov.

03 a 06

09 a 13 16 cl 20 23 a 27 30/11-04/12 Dez. ü7 a 11

1~ a j.8

21 a 24

~!8 a 3 i

1988 - Jan. 04 a 08

1 i a 15

j.8 c\ 22

;.~~) é\ 29

Fev.01a05· 08 a 1.2

08 a j.2

22 a 26

29 /(j~!···0'V03

Mar. 07 i.\ i i

0.0ii079 0.003762 0.011097 0.003439 0.011134 0.003359 0.011205 0.003127 0.011328 0.004255 0.011631 0.004495 0.012015 0.004292 0.012230 0.004620

0.012543 0.005192

(?0:«2879 0. 0(~5832

0.013253 0.004693 0.013289 0.004897 0.0!3238 0.004506 0.013173 0.063933

0.013074 0.003543

0.012978 0.003266 0.012871 0.002649

0.012746 0.004306

~.012619 0.003765

0.0i2~06 0.004240

0.012416 0.003588 0.012355 0.002823 0.012242 0.002906

0.012097 0.003243

0~0i1908 0.002694

0.011728 0.002502 0.011593 0.002444

0.011445 0.002723 0.011334 0.002592

61.311464 55.868161 54.209624 49.815024 66.3321i1

66. 4672.t~7

59. 4658~16

61.7ü3289 t.6.01f.:.:362

53.149710

5~1. 469<151

51.427890

45 tt 3~j8B77

41. 461462 38.787367 31.980865 53.01.9430

47.303997

4ó. 5585~:7

3?0(j1483 38.78fJ186 44.327593 37.999939 36.386503 36.371740 4i.58198;~ 4~}.364409

0.002358 0.001677 0.000336 0.002154 0.001530 0.000306 0.002103 0.001494 0.000298 0.00i956 0.001388 0.000276 0.002669 0.001900 0.000382 0.002820 0.002007 0.0004b4 0.002690 0.001912 0.000383 0.002897 0.002060 0.000414

0.003257 0.002318 0.000467 0.003661 0.002608 0.000526

0.002939 0.002088 0.000417

0.003067 0.002180 0.000436

0. 0(~~~820 0. 002(J~)3·· 0'.0003'79

0.002458 0.001743 0.000345 0.002212 0.001566 0.000309 0.002037 0.0014~1 0.000283 0.001647 0.001162 0.000225 0.002696 0.001915 0.000382

0.002~54 0.001670 0.000331

0.002655 0.001886 0.000377 0.002243 0.001591 0.000315 0.001760 0.001244 0.000243 0.001812 0.001282 0.000252

0:002026 0.001436 0.000284 0.001679 0.001188 0.000233

0.00i5~9 0.001102 0.000215

0.001522 0.001076 0.000210

0.001699 0.001203 0.000237

0.001617 0.001145 0.000225 0.011238 0.0026ii 41.362760 0.001630 .0.001154 0.000227 0.011134 0.002219 35.a10086 0.001382 0.000977 0.00019i· 0.011050 0.001843 30.191815 0.001145 0.000807 0.000156

0.010981 0.002026 33.605002 0.001261 0.000890 0.000173 0.010937 0.002323 38.849086 0.001449 0.001025 0.000201 0.010859 0.002514 42.644110 0.001569 0.001112 0.000219

0.0i077~ 0.002266 39.029113 0.001413 0.001000 0.0001'76

0.010682 0.002189 38.370576 0.001364 0.000965 0.000189

0.010585 0.002179 38.901312 0.001359 0.000961 0.000188

0.010494 0.001943 35.299302 0.001210 0.000855 0.000i67 0.010405 0.001741 32.i70668 0.001083 0.000764 0.000148 0.010341 0.00i712 32.0?0505 0.001064 0.000751 0.000145

0.010325 0.001758 32.996288 0.001094 0.000772 0.000150 0.010337 0.002004 39.009982 0.001299 0.000919 0.00Ci80 0.010317 0.002485 46.702253 0.001553 0.001101 0.000218 0.010315 0.002665 50.099475 0.001667 0.001183 0.000235

0.0i03~8 0.002710 50.624560 0.001695 0.001203 0.000239

0.010383 0.002576 47.790896 0.001610 0.0011~2 0.0002~6

0.0i0318 0.002096 3Y.387739 0.001307 0.000925 0.000iU~

26 (Cont.)

.~.